US DOE gives loan guarantee for USD-1.3bn Caithness Shepherds Flat wind farm
(ADPnews) - Dec 17, 2010 - The US Department of Energy (DOE) yesterday said it had finalised a partial loan guarantee for a USD-1.3-billion (EUR 976m) loan for the 845 MW Caithness Shepherds Flat wind farm in Oregon.
The wind project is developed by US independent power purchaser Caithness Energy LLC and GE Energy Financial Services, a unit of General Electric (NYSE:GE).
The farm will include 338 GE 2.5xl turbines, which are expected to produce enough power to offset 1.2 million tonnes of greenhouse gas emissions a year, according to Caithness. The project is also expected to create 400 jobs during construction and 35 jobs when in operation. Utility Southern California Edison will by the farm's power and green energy credits under fixed-rate power purchase agreements for 20 years.
The loan for the project is extended by a syndicate of 26 institutional investors and commercial banks led by Citigroup (NYSE:C), Bank Tokyo-Mitsubishi UFJ Ldt, RBS Securities and WestLB Securities Inc.
The Shepherds Flat wind farm is the sixth and the largest project that has received a loan guarantee under the Financial Institution Partnership Programme, the DOE said.